Taylor Hackford has been tapped to direct the network's untitled Richard LaGravenese drama, The Hollywood Reporter has learned.

The drama, set in New York City, revolves around the love and rivalry between two equally matched, powerful socialites who play out their obsessive attraction and seduction of each other through their manipulation of others.

LaGravenese, who earned an Oscar nomination for 1991's The Fisher King, will pen the script and exec produce the ABC Studios entry alongside Erwin Stoff, Ilene Staple and Wren Arthur.

Hackford -- who won an Oscar for his short film Teenage Father in 1978 and was nominated for his directing work for 2004's Ray -- directed (and executive produced) drama pilot Company Town for The CW last year. He also directed the pilot for E-Ring.

Hackford becomes the latest Academy Award winner to head to ABC. The network also is teaming with American Hustle's David O. Russell for an untitled drama that was picked up straight to series. Fellow Oscar nominee 12 Years a Slave's John Ridley is writing and directing ABC's American Crime; Lee Daniels is prepping Fox's Empire; and Matt Damon and Ben Affleck are executive producing CBS' More Time With Family, with the latter also developing Fox's The Middle Man.